St Lucia’s Citizenship by Investment Programme Officially Opens for Business
Kenny Anthony, Prime Minister of St. Lucia
As of January 1st of this year, St. Lucia’s Citizenship by Investment programme is officially open and taking applications by interested investors. Late last year, Prime Minister, The Hon. Dr. Kenny Anthony formally launched the programme at the Global Citizen Forum held in Monaco. St. Lucia joins St. Kitts & Nevis, Grenada, Antigua & Barbuda and Dominica to become the fifth Caribbean State to offer a citizenship by investment programme.
A citizenship by investment programme offers qualifying investors (as well as their spouse and dependents once they meet certain criteria) citizenship in exchange for an investment in a qualifying activity, for instance, investment in real estate, a special fund or government bonds. In a world of dwindling access to financial resources, a growing number of States internationally are currently offering some form of citizenship by investment programme as a way to raise much needed finance, including for development objectives.
Barbados Underground 
@Alicia
To compare the citizenship for investment program of St. Lucia with similar in the US and other developed countries is not apple for apple comparison. These are countries with large economies which are on the hunt for expertise to assist with national development goals. Caribbean islands going this route should note visa waiver arrangements are coming under increasing scrutiny given the so called terror threat.
LikeLike
The people we will attract in the Caribbean are those on the fringe of illegality, such as Russian gangsters. What is more important to me is the impact on Caricom. since in theory they can all come to settle in Barbados under the freedom of movement legislation. Is this now the end of the regional federation?
Equally, it signals the collapse of self-government since the policy intention clearly is money-making. Caribbean governments have failed since independence to run their economies prudently and, in so doing, improve the lives of their people.
We have had 14 years of Owen Arthur running the Barbados economy through debt-fuelled growth (which some economic illiterates regard as punching above our weight) without paying any attention to the accompanying boom and bust, along with leaving a massive debt for future generations.
The Thompson/Stuart DLP has been in power for a further eight years without being able to make any changes of real significance.
To add to the economic mess, the incompetent Chris Sinckler has taken on Arthur as an adviser, without telling us what his special qualities are, apart from a post-graduate degree from UWI and working as an economic planner in Jamaica.
He replaces a professor who I am convinced has not kept up with economic changes for the last one or two decades.
As a nation, we get the leaders we deserve. Stop talking party politics and start discussing policy.
LikeLike
@David, thanks for sharing this and I look forward to the discussion it will stimulate. Just for the record what I wrote was a news item and not an analysis piece. In an earlier blog piece I have already discussed the pros and cons of such a programme: https://caribbeantradelaw.wordpress.com/2015/10/12/economic-citizenship-programmes-in-the-eastern-caribbean-a-brief-look Ultimately, I had concluded it is up to the individual country to decide whether the level of investment potentially to be attracted outweighs any security/reputational risks.
To your point on comparison, several smaller countries: Malta and Cyprus also offer CbI programmes.
To the point about motive,if one looks at the qualifying investments under each of the CbI Acts they are not seeking simply to attract “money” but to attract investment and expertise in areas which those governments deem to be of strategic economic importance e.g: real estate, tourism etc…
To be honest, I think St. Lucia’s is the best designed out of the five existing Caribbean programmes and they would have had the benefit of observing the other programmes as well,
My main criticism with how CbI programmes are run is that no detailed data is provided by the Governments on the number of applications received, granted and denied, the countries from which most applications originate and the level of investment such programmes have attracted. We know from the IMF staff report on St. Kitts that it has had a good impact on their economy but the IMF did raise questions about its sustainability. Recently the PM of Antigua & Barbuda after numerous calls to do so as required by their Act finally gave some statistics but much of it is still shrouded in secrecy.
@Hal Austin, the great threats to CARICOM is not CbI programmes but failure by our leaders to implement the decisions and reforms they have decided on, in addition to the general lack of knowledge, the petty stereotypes we Caribbean people of each other and the lack of interest by the general citizenry in the integration movement.
LikeLike
@Alicia
Have you addressed the obligation of Caricom citizens under the RTOC? What are the implications of selling passports by Caricom countries.
LikeLike
Shiite Hal, You have said it all….
LikeLike
Citizenship by investment Sounds like an initiative OSA would be mostly interested Had he received the voters approval of winning the 2008 election he would have sold off everything under the rock to pay off the high debt he had accumulated under his voodoo policies
A reflection of how he was able to transact and initiated policies during his 14 year term policies fueled by high borrowing transformed into high debt payments and burdening interest rates bringing barbados to the brink of economic disaster during the global meltdown! is mind boggling !
Sinckler had very little economic upward movements on which he could have maneuver the sinking ship
Calls for privatization was highly rejected by the populace and in any event if pursued by present govt would have made very little substantial fortune along with a revisiting of many legislative policies formed to the protection and security of the nations interest whereby govt having to choose a “hand off policy ” over being the overseers in the structuring of barbados once owned enterprises
LikeLike
@ David
Look Boss..
When you configure your whole existence around prostitution …. oops Tourism… this sale of citizenship is a natural progression. This is just another way of saying…
“bring some money and get a piece….”
With the islands looking run down from the multiple scams on the infrastructure perpetrated by people like Four Seasons, Harlington, Sandals etc we are simply moving to more esoteric forms of selling our assets…. you know, like how middle aged Hos specialise in blow jobs…
If we had enlightened leaders ….rather than the dumb-ass-looking pimps we elected (in our Hobson’s choice elections) we would be looking to use our creativity, intellect and productivity to produce PRODUCTS and SERVICES that people in the world need and want …rather than cannibalising and selling off our very asse(t)s… like prostitutes and parros do.
LikeLike
@Bush Tea
The idea of an Iranian who secures a St Lucia passport under this program challenging some decision at the CCJ creates a stinking feeling.
LikeLike
Which dumb AC is this now castigating Arthur’s mamagement skills as former pm, the same Arthur, Sinckler is groveling to and now needs to help DBLP with the finance ministry that is in shambles. Are they not afraid of what the ‘knowledgeably’ Arthur will cause the unware Sinckler to do, as his advisor.
Apart from the tract record DBLP leadership have of attracting and being attracted to the criminal element of millionaires and billionaires who seek havens for illegal investments, which is not only worrying but outright dangerous, implementing a citizenship program without doing proper due diligence, of which both DBLP are famous, could return to bite bajans in the ass, where the population may then be restricted from traveling to the now visa free countries, I am sure that happened recently to the people of either St. Kitts or one of the other islands, with visa free movement to Canada.
In essence, the people will pay heavily in punishment for their leader’s greed, stupidity and lack of researching potential investors with Interpol and the various international policing agencies.
Knowing how visionless and careless with the island and people that lot is, it better be uppermost in their minds when considering the various implications of such a program.
LikeLike
@Bush Tea
I was writing on my phone ,saw your post had to delete mind and agreed with you, the Hobson choice is all over Barbados
LikeLike
@David, I am actually in the process of undertaking some research on that issue for an academic paper I am writing. I will make a second blog post discussing the nexus between the CbI programmes and the rights of Caricom nationals under the Revised Treaty of Chaguaramas. I see both drawbacks and benefits.
@Everyone, from my understanding the current policy position as enunciated by the Government of Barbados is that there will be no CbI programme here, We currently have a quasi residency by investment programme called the Special Entry and Reside Permit (SERP). The Government of St. Vincent and the Grenadines has also taken a similar stance on the CbI issue. My personal view is that a residency programme is a safer approach at this time given the national security and reputational risks involved in a CbI programme.
LikeLike
Given that the international community is aware of the relationship with the Anthony administration and the Arab dude, which could not have been kosher because of the secrecy element and the resultant investigation by the british, St. Lucia’s citizenship program will be watched because of the vulnerability of the Caribbean islands and close proximity to the US.
Small island leaders need to start using their brains more and think less of their status and the possibilities these status brings.
LikeLike
Caricom and Barbadians visa exemptions will be under treat by the Mendicancy Pauper Syndrome now sweeping Caricom. What next will we sell after land and citizenship?
Caricom, needs to discuss this asap as every turkey fighting for its own craw.
LikeLike
David…help me out, I got a double post.
LikeLike
@Kammie
Does Caricom not have the One China policy yet many islands have established diplomatic posts with Taiwan? Then there is Venezuela and the different positions held. Caricom discuss what!?!
LikeLike
LOL @ David
Caricom discuss what!?!
+++++++++++++++++++++
…you mean “CARICOM Shiite….!!”
right?
🙂
LikeLike
Right now China has the stock markets around the world fluctuating at such an alarming rate that Europe and North America gotta be careful that one of them don’t crash…..these dudes in the Caribbean don’t stand a chance against those types of schematics.
Maybe the next 2 generations of Caribbean people will have the brain power, if they are not still influenced and contaminated by small island political nonsense…This existing crowd of politicians are just not ready.
LikeLike
wide parameters?
So ya fudge the asset base, and then buy a property for $350K. Seems very cheap?
Marrying a single St.Lucian citizen now has a comparative value? Probably cheaper?
Wonder if SL recognizes same sex marriage? That’s a booming market.
LikeLike
“Huge influx of migrant men will lead to more sex attacks like those in Cologne, says analyst, as it’s revealed Austrian police have ALSO covered up identical gang assaults”
http://www.dailymail.co.uk/news/article-3388422/Huge-influx-migrant-men-lead-sex-attacks-like-Cologne-says-analyst-police-reveal-gangs-blocked-reaching-women-screamed-help.html
LikeLike
That scheme is now backfiring big time, sow the wind, reap the whirlwind.
LikeLike
I think all the Carib countries need to devise some kind of citizenship program for people who are educated and entrepreneurial. I invest a lot abroad, and it has always struck me as odd that there don’t seem to be any global companies that were started and operated from the islands. Where are their global internet software companies etc? it doesn’t require any physical resources to create them — only talented creative people.
These current programs aren’t attractive to someone who wants to genuinely live and work in the islands. They seem like programs for suckers or those few who need cover for questionable activities.
NYC
LikeLike
@Lawrence James Bauer CFA, thanks for your comment. The citizenship route is not necessary. Generally speaking, Caribbean countries (even those without CbI programmes) already have had very open investment policies aimed at attracting investment not just in the hospitality sector but also in sectors which their respective governments have identified as part of their growth strategies, such as high-tech manufacturing. Many CARICOM countries are also signatories to BITs with major countries offering investor protections. Have you spoken to the investment promotion agencies in any of the countries in which you are interested in investing?
LikeLike
@ David
Have you been listening to Obama on CNN defending his gun laws?
Shiite man…. that man is no normal man. Perhaps he IS the damn antichrist yuh….
Obama EPITOMIZES what leadership communication is all about.
The man is like a teacher, a friend, …he comes across as CARING, knowledgeable, in touch, HIGHLY intelligent and compassionate.
Bushie is highly impressed….
The USA do not deserve him….
LikeLike
The worst yard-fowl is an ill-informed yard-fowl who prefers to demonstrate their ignorance by spewing rhetorical political diatribe on EVERY TOPIC, rather than avail themselves of information or facts relative to the topic being “discussed” so as to add value to the “discussion.”
Case in point, let’s examine the following comments re: “Citizenship by investment SOUNDS like an INITIATIVE OSA would be MOSTLY INTERESTED..….”
The following excerpts were taken from an article written by Emmanuel Joseph and published in the September 2, 2013 edition of Barbados Today, under the headline: “Foreign business people may soon be able to “buy” Bajan citizenship.”:
Foreign business people may soon be able to “buy” Barbadian citizenship.
PRIME MINISTER FRUENDEL STUART ANNOUNCED this morning, his ADMINISTRATION WAS CONSIDERING THE PROVISION OF CITIZENSHIP THROUGH INVESTMENT.
“The MINISTER in the PRIME MINISTER’S OFFICE, SENATOR DARCY BOYCE and myself and the CHIEF IMMIGRATION OFFICE, have been TALKING THIS ISSUE THROUGH,” Stuart TOLD reporters during a tour of the Limegrove Lifestyle Centre in Holetown, St. James.
In response, newly-elected President of the Economic Society of Barbados, Jeremy Stephen, told Barbados TODAY the organisation was very encouraged by the Government’s efforts to consider alternative and creative means of foreign direct investment through economic citizenship.
Stephen NOTED that while the FRAMEWORK for such AN ARRANGEMENT was DISCUSSED at the BUDGET DURING the PAST TWO YEARS by way of INCENTIVES to LURE OFFSHORE BUSINESSES, the society was unsure as how it would be implemented. “This (economic citizenship) is a step in the right direction,” the economist added.
+++++++++++++++++++++++++++++++++++++++++++++++++++
We all know that on Monday September 2, 2013, the Prime Minister mentioned in the article is NOT Owen Arthur, it is FRUENDEL STUART.
Hence, based on the “logic presented,” we can safely conclude that since Stuart “received the voters’ approval of winning the 2008 election, he (is looking to sell) off everything under the rock to pay off the high debt he has accumulated under (Sinckler’s) voodoo policies.”
LikeLike
@Bush Tea
Obama is suffering from lame duck blues.
LikeLike
To reply to the above comments about my earlier post: You all seem to think that people should have to BUY their citizenship. In the US, thousands of very successful companies were started by immigrants who had little money, but a good education and initiative — and many are now $billionaires. They didn’t need a government agency to tell them what kind of business to start — they started what they know. Most Carib governments seem to want people to invest in projects with poor prospects. (if they were so good, it wouldn’t take so much promotion.)
Yes, I’ve met with a lot of local Carib business people and government officials over the years. Their ideas & perspective are always very limited. I did, however, invest in a lot of local companies that were already operating — but those have been gradually bought out by others. I’m waiting for my check, but I think I’ve recently had to sell my Banks Holdings shares — like so many others.
One of my observations of Carib companies is that management is not growth oriented. One reason may be the poor record of so many companies who tried to do something new and different. To be successful, you need to have knowledge and experience in the wider world outside of the islands. If you keep making it so hard for other people to come to, and work, in the islands, you’ll never get those educated entrepreneurs to create things that will benefit the islands’ economies.
LikeLike
Interestingly, of the Caribbean islands offering CbI, Dominica seems to be the least expensive. However, according to “Premier Offshore,” St. Kitts and Nevis “has become the #1 seller of second passports in the world. You can buy a passport with a $295,000 “donation” to their sugar fund or by investing at least $500,000 in real estate. You never need visit St. Kitts nor take a citizenship test… simply pay the money or buy the property and you’re good to go.”
It is also very interesting to note the benefits to be derived by obtaining a “second passport” through the CbI initiative, especially by those investors from countries that may require a visa to travel to other countries, as well as the implications that may arise as a result.
For example, Grenada reintroduced their CbI program after abandoning it from 2001 to 2013. Act #15 of 2013, passed in the Grenadian parliament on August 29, 2013, paved the way for the reintroduction of the program in 2014. Under the current initiative, prospective applicants are required to invest US$500,000 in an approved real estate project.
A Grenadian passport allows visa-free travel to more than 135 countries, including the United Kingdom, Hong Kong, South Korea, Singapore, Panama, and most British Commonwealth nations. However, while it does not give the holder visa-free travel to Canada or the USA, he/she has an opportunity to apply for the USA E2 Visa (i.e. an E2 visa basically allows you to buy entry into the USA without actually “immigrating.)”
LikeLike
Every day I have Bloomberg Radio on in NYC for at least several hours, which specializes in global financial news, 24 hours a day. Virtually every hour there is currently an ad from the Antigua citizenship program — yet such programs have very little value for a US citizen. The ads stress the tax-free benefits and the Visa-free benefits — when neither of these is of any use to an American, since we must pay taxes on our worldwide income (regardless of where earned etc), and we already enjoy Visa-free travel to many places.
I’m baffled as to why they advertise here, or why all these other Carib places seem to advertise largely to Americans.
LikeLike
@ Lawrence
A waste of public funds. As long as they are doing something – anything – they believe they are on top of the job. For St Lucia, read Barbados and tourism.
Incompetence is incompetence no matter which island.
LikeLike
Lawrence…you are spot on, I know of one youngster returned with advanced knowledge of programming, well sought by international companies around the globe, has only international clients because that technology has not yet reached Barbados and even if the youngster tried to intoduce this hight tech, the current business people, the usual suspects , would not only NOT WANT TO PAY, but with the help of the weak pokiticians would try to steal the concept although they know nothing about the technology, so this brilliant young person only deals with business from large countries in every corner of the globe.
When the politicians start understanding that they are supposed to protect their young black entrepreneurs who have world standard, phenomenal business ideas and not sell them out to the highest, greediest local business people, then Barbados will truly become globalized with business ideas, until then, they will only manage to attract local and foreign criminals posing as business people.
LikeLike
@Lawrence, why shouldn’t Caribbean Cbi programmes market to Americans? You are as viable a source market as any. I am sure that you are aware that HNW Americans have been renouncing their citizenship in record numbers thanks especially to your draconian nationality-based taxation. From the statistics released by Antigua, Americans have been among the persons who have been successful in obtaining Antiguan citizenship via their CbI programme. We also know anecdotally that Americans have also been among those who have obtained citizenship of St. Kitts & Nevis under its CbI.
I therefore struggle with why so many of you who have been quick to agree with Lawrence’s comments questioning the wisdom of marketing the CbI programmes in the US market is a waste of money when you have not even considered that this approach has garnered success for those territories. Second passports are a big and growing business internationally and it is the right of any state to pursue it if they believe it is in consonance with their development strategies.
Lawrence, while I agree with your appraisal of the lack of growth strategy for many companies here, one has to remember the whole issue of economies of scale Many lack the capacity to extend their operations across borders. But that is slowly changing thanks to technology and a growing class of younger entrepreneurs.
By your comment “You all seem to think that people should have to BUY their citizenship”, you are also making the mistake which so many Americans make (I know because I have lived there) in lumping all Caribbean islands as one. Only 5 out of the 15 territories of the Caribbean community offer CbI programmes and none of them offer citizenship as the only route for investment. As stated previously, Caribbean countries have liberal investment policies. Where some of them may fall down is that the redtape and length of time for doing things do impact on some cases on ease of doing businesses.
LikeLike
@Alicia
Many of our fledgling Caricom economies lack the capacity yes but a big reason we have been experiencing anemic growth has a lot to do with how we spend and invest what is in the public purse. Also we have a private sector which has been encouraged to see retail and distributive trade as the low hanging fruit to drive commercial activity. Our debt ridden small island countries will be even more vulnerable to exogenous shocks. Selling passports is a surrender that we have exhausted more sustainable ways to grow. The developed countries will not stand idly by in an era where terror threat is seen as a clear and present danger to borders.Imagine if Trump wins the presidency.
LikeLike
“A Grenadian passport allows visa-free travel to more than 135 countries, including the United Kingdom, Hong Kong, South Korea, Singapore, Panama, and most British Commonwealth nations.”
Am in agreement with your educational contribution but am I incorrect in saying that ultimate entry in a country still rests with the immigration officer/requirements at the point of entry irrespective of whether in receipt of visa.
LikeLike
Artaxerxes January 7, 2016 at 10:47 PM #
The worst yard-fowl is an ill-informed yard-fowl who prefers to demonstrate their ignorance by spewing rhetorical political diatribe on EVERY TOPIC, rather than avail themselves of information or facts relative to the topic being “discussed” so as to add value to the “discussion.”
Case in point, let’s examine the following comments re: “Citizenship by investment SOUNDS like an INITIATIVE OSA would be MOSTLY INTERESTED..….”
/////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////////
no retraction necessary !OSA track record and history on land policies along with present views on privatization of all state assets is a full proof indicator which says it all
LikeLike
I noticed the consortium has PURPOSELY “SIDE STEPPED” the Citizenship by Investment issue having learnt Stuart made the suggestion.
For years the DEMS have been saying “Arthur sold land to foreigners.”As PM of Barbados, Arthur could have authorized the sale of government land only, since he could not force private citizens to sell their land. Unless government acquired their land and subsequently sold it to foreigners.
Perhaps in the interest of TRUTH and FACTS the legion should present to BU, information relative to Arthur’s land policies, such as a policy paper or an Act of Parliament, as well as a list of all government land that have been sold to foreign interest, during his 14 years in office.
During the 2013 election campaign the DEMS cited job losses, introduction of user fees for government services such as hospital services and garbage collection, and an increase in bus fare, as examples, if Arthur’s suggestion of privatization was considered.
However, soon after the elections, this DLP administration retrenched over 6,000 public sector employees and is in the process of forcibly retiring those 60 years and over.
Additionally, the BNOC is for sale and a number of statutory corporations will be merged or phased out completely (JOB LOSES); introduced fees at the QEH and a tipping at the SSA (INTRODUCTION OF FEES).
Rumours suggest the Transport Board will be privatized, which would ultimately lead to an INCREASE IN BUS FARE, since, in a private sector environment, the Board’s current operational model is unprofitable and unsustainable.
What is interesting is the DEMS (with the approval of the AC consortium), have been attempting to solicit the HELP of Arthur, the man whose “voodoo policies fueled by high borrowing transformed into high debt payments and burdening interest rates bringing Barbados to the brink of economic disaster during the global meltdown!”
SURELY, “IT IS MIND BOGGLING!” ……“IT HARROWS ME WITH FEAR AND WONDER”
LikeLike
@caribbeantradelaw January 8, at 5:51 AM..I agree with your response to @Lawrence. I would simply add that the Bloomberg radio and network of which he speaks is a global media empire. It is fair to say that advertising there may very likely generate additional exposure via a ‘news’ item or other coverage to their global network.
But even if that is not in play, the fact that so many HNW Americans still stash away funds in financial domiciles in Europe or Cayman Islands and the like, the Wall Street/Financial rollers who tune to Bloomberg are the exact and ideal niche target for this offer.
I believe the IRS has been in existence for eons – over 100 years in one guise or other – and that has not stopped tax avoidance…not sure why Lawrence perceives it will stop schemes by US citizens towards avoidance now.
LikeLiked by 1 person
@Bush Tea January 7, at 9:46 PM..Prosperous new year to you and yours, first of all!
I see that you are back ‘mekking sport’ at Mr Obama’s expense…I certainly agree with your assessment of the man re ” Obama EPITOMIZES what leadership communication is all about…The man is like a teacher …he comes across as … HIGHLY intelligent …”.
But to couch all that for this President in the last year of his term on the subject of of GUN CONTROL is surely mekking mock sport at the brother!
You are aware that he has expounded intelligently for the last seven years on this particular subject and it has gotten him and his party absolutely no where basically.
On the other hand, @David is not inaccurate in saying “Obama is suffering from lame duck blues”. He could have said it differently: Obama is ENJOYING lame duck bliss! That is, he can wax quite poetically as he has no more elections to fight.
It also is good foundation for him as he prepares himself for what could be one of the most lucrative phases of his life as a motivator, worldly-wide griot, corporate/civic speaker. His only concern of course is that between him and the US government he will spend quite a few $$ on personal security for himself and family. That is the only factor that will curtail his future.
LikeLike
Obama’s gun control cry can be likened to Carl Moore and his equally ineffective noise about noise pollution. Forgive the repetition Carl ð it is not funny even though it is.
LikeLike
Press reports out of Guyana is linking Republic Bank there to money laundering.Both Republic bank and the central bank are denying the claims which center around an $82million deposit in to a politician’s bank account.
LikeLike
And the Alice-like rhetoric continues unabated. Happy new year BU. It’s CSME stupid!! 😂😂
LikeLike
@David at 4:20 PM …I agree that the President’s Gun Control amounts to a ‘cry’ in the wind. There can be no ‘sensible’ debate in US re guns because the howls re the 2nd Amendment (the right to bear arms) has in reality been COMPLETELY hijacked by the business of manufacturing guns.
And of course more background checks will not stop the instances seen at Aurora or in Newton. The checks make sense but this US big business of guns is too entrenched for any President to effect any meaningful change on gun culture.
Gun purchase and ownership for folks living in rural, suburban etc is clear and understood. Some folks love to hunt, have to protect themselves from bears and other ‘wild critters’ out in the boondocks …practical guns make perfect sense.
But in a peaceful society when folks can argue strenuously that the right to purchase an assault weapon is covered by the ‘right to bear arms’ as envisioned by those who wrote the constitution then we must know that there is no practical discourse possible.
Pure unadulterated $ and cents!
LikeLike
@Ingrunt: The US Secret Service continues to protect all living former US presidents. They don’t have to hire private guards.
Considering how many multi-millionaires & billionaires there are in the US, it is surprising how FEW open and hide foreign banks accounts. Although the US confronted & severely punished a few thousand in recent years — discovered thru disclosure by a disgruntled former employee of a major bank — this is only a tiny percentage of the population. The very great majority of people follow the law, and are afraid of the law’s draconian provisions — which are enforced. Very few think it’s smart to hide illegal accounts. This is nothing like Europe, where Europeans have told me that, having learned from World War 2, virtually ALL upper middle and upper class people have secret bank accounts abroad. I think it’s the same in South America, Africa, Russia, China etc.
Some years ago, the US provided more punishments for those who expatriate. I forget all the provisions, but I believe that former US citizens now have to continue reporting and paying US income taxes for 10 years after they leave. This stops a great many from leaving, since they would gain little.
Hillary Clinton recently said she is in favor of stopping US corporations from leaving the US (since this usually lowers their taxes payable for non-US business). She doesn’t seem to realize that if this happens, no US person thinking of starting a business with global reach will ever incorporate in the US to start the business, but will always only incorporate in some foreign jurisdiction. I suspect her (and others’) reaction to this new development would be to then make it illegal for any American to incorporate a company abroad. For them, it’s a never-ending road to restricting freedoms so as to seize increasing amounts of income & assets for their favorite social/political programs.
LikeLike
Artaxerxes January 8, 2016 at 10:22 AM
For years the DEMS have been saying “Arthur sold land to foreigners.”As PM of Barbados, Arthur could have authorized the sale of government land only, since he could not force private citizens to sell their land. Unless government acquired their land and subsequently sold it to foreigners.
………………………………………………………………………………………………………………………………………’A mess of pottage’
Nation news
Wade gibbons 2006
GOVERNMENT’S LAND USE POLICY continues to be a hotly debated subject.
Many of those involved in the debate, whether politically, professionally or personally motivated, might not have missed the mixed signals from Government and the shift in perspective from less than a decade ago, on what constitutes the best direction for land use in Barbados.
On the morning of January 17, 1999, speaking on a political platform at Speightstown, St Peter, Prime Minister Owen Arthur urged Barbadians not to sell their land to foreign interests.
“Please do not sell it to people coming from abroad… work with me, use the special development concessions that I will give you to give yourself a stake in this country. Use the land to put in apartments, use it to put in commercial facilities, but for God’s sake, don’t sell it to people coming from abroad,” he said.
To the cheering crowd, Arthur continued: “This is the time for you to translate your land into wealth and income and to give your children and grandchildren a real stake in Barbados. I am pleading with you, do not sell your birthright for a mess of pottage.”
However, Barbados’ increasing debt problems in the intervening years, placed at about $5 billion at the end of last year, have seemingly occasioned a change of focus in the Prime Minister.
On February 3, this year, at the ground-breaking ceremony of the $1 billion-plus Apes Hill Club project in St James, jointly undertaken by overseas and local investors, Arthur said it was not that Barbados did not intend to contribute to small business and the agricultural sector, but he suggested they only provided “$10 million solutions to a $100 billion problem”
Under those circumstances the Prime Minister then made it clear the direction in which his land use policy was unflaggingly headed
“Barbados must sell upmarket services, because in a small society you can only develop if you make the most productive use of your scarcest resource, which is your land,” he said.
It has beAlso, despite the preference of farmers for private land, the BADMC indicated that many of the private properties on offer were unsuitable for crop production. en a delicate balancing act – trying to bring in significant foreign exchange through maximum economic use of land space, while meeting the needs of other areas of the social economy.
Some of those sectors have been crying out for greater sensitivity from Government, especially in agriculture, and those Barbadian citizens seeking affordable land for themselves and their progeny.
With respect to agriculture, Government’s land for the landless programme has come under intense scrutiny. While houses are being “grown” on some of the best arable land, many farmers have had to settle for marginal farming land.
The 2004 Barbados Agricultural Development and Marketing Corporation (BADMC) report laid before the House of Assembly late last year, revealed that only 58 per cent of public land was arable for crop production.
Of course, when one speaks of land use, it must be remembered that Government has no control over how private entities – the largest landowners – dispense their properties.
Prime Minister Arthur has been quick to stress this point whenever foreign investors acquire large portions of local real estate and Barbadians start making accusations about their “birthright” being sold “for a mess of pottage”.
But by Arthur’s stated policy, no one can deny that Government has been a most willing facilitator of land sales to foreign interests.
Recently on the Voice of Barbados’ call-in programme: Down to Brasstacks, Arthur reminded moderator David Ellis that Government did not sell local land. But, in reality the BADMC does, so too the National Housing Corporation. They may have their own legal personalities, but they are creations of Government
Though Prime Minister Arthur has been unapologetic about his obvious philosophical shift from seven years ago, there have been numerous cautions coming from several quarters.
Senior Research Fellow at the Arthur Lewis Institute of Social and Economic Studies, Dr Don Marshall, has stated that the Arthur Administration had allowed local land to succumb to the law of value.
“Barbados’ lax land-sale policy is akin to selling sovereignty,” Marshall noted
He advised that international best practices demanded at least the procurement of an Alien Land Holding Act, or some other legislative or regulatory measure, to restrict the acreage that could be legally possessed, and the number of years land could be held, especially by foreigners.
Prominent trade unionist Sir Roy Trotman has also hinted at the possible consequences of the current land use trend.
“We now have a situation where you cannot get a plot of land unless it is part of the Urban Development Commission land that the Government might give some people, and only a few can get, which goes at $2.50 per square foot.
“Outside of that, [when] you do not have a bucket of money, then your chances of acquiring land for yourself or your children do not exist,” he observed recently.
LikeLike
@DIW
It also is good foundation for him as he prepares himself for what could be one of the most lucrative phases of his life as a motivator, worldly-wide griot, corporate/civic speaker. His only concern of course is that between him and the US government he will spend quite a few $$ on personal security for himself and family. That is the only factor that will curtail his future.
+++++++++++
LJB has already updated you about the SS protection for life for the Pres and his spouse but he may have to hire security for other family members but the SS may also pick up that tab.
What does a 55-year-old who has been Pres of the USA do for an encore? He would make a good SC Justice but I don’t even think Hilary would go there and only one man (William Howard Taft) has achieved that feat. The Presidential Library is on track for Chicago and the vacation home has already been purchased (Hawaii of course).
I don’t envisage him much on the lecture circuit although the demand will be great unless he does it for a couple of years to increase his retirement assets (remember he is not a wealthy man and never held any lucrative positions in his other life.
Eventually I see him teaching Constitutional law at his alma mater (Harvard) and perhaps establishing a Foundation to empower Black and other minority youth.
That’s my crystal ball.
LikeLike
Tim to move on to and discuss the rant by the racist Bizzy Williams.
LikeLike
Time to move on and discuss the latest rant by the racist Bizzy Williams.
LikeLike
Just Saying… don’t care how Bizzy, Goddard or Chandler try to dance around the issue, majority blacks on the island have a right to celebrate at any time, their achievements post slavery Barbados, it’s a majority black country. A relative was pointing out to me yesterday, that Bizzy and that lot only make up 2.7% of the island’s population, exactly what do they want to be recognized for, is it spending the last 50 years pretending they are superior to the black majority, is it celebrating that they too can practice racism against the black majority, is it bribing the politicians for every government contract, is it living off the backs of the majority as parasites for the last 40 years, is it aiding the politicians in corrupting the system so totally, that it is now non-functioning.
Is it colluding with the politicians to illegally acquire land belonging to old, helpless people, hoarding so much land and jacking up the prices to such a degree, that the majority are unable to purchase land for their future generations because land has been priced out of their reach.
Does Goddard want recognition for giving information about the pokiticians to the US Embassy as reported by Wikileaks. Does Chandler want recognition for pretending the majority blacks are unable to do anything on their own unless she shows them how to, like a typical know it all.
Had these same 2.7% minority on the island been in the majority, blacks would have no voice, given the past and present nasty attidudes they display to the majority, as minorities. Bizzy is yet to say what he wants recognition for, is it for one of his white managers assaulting a black customer at his Warrens location because according to bizzy, the manager was just in a bad mood, of course bizzy did not fire the culprit because he only hit a black man and a customer, so what’s the big deal. Is that what bizzy wants recognition for, the arrogance and nerve of this dummy is amazing. See why him and his politicians Mia and Co. wanted to get rid of the internet and social media out of Barbados, they just believe they will always be untouchable, because there will be no politician on the island with the brain power to stand up to them and put them in their minority place.
Exactly what have they contributed other than positioning themselves, aided by weak politicians, to control the financial sector, steal business ideas from the last 2 generations of young black entrepreneurs, aided by waek politicians, stagnate 2 generations of young, bright people with the deceitful pretense that they went to Cow out of slavery with hardly any clothes and he saved them, gave them work, all of this delusion on their part is always aided by weak politicians.
I am all for the majority blacks celebrating achievements, but this year long nonsense at taxpayer’s expense will now return to bite Fruendel & Co in the asses, because Bizzy & Co now want recognition for all the nasty, corrupt, racist things they been doing to the majority for the last 40 years and they want it at the majorities’ expense. I wonder how much in bribes Bizzy & Co would be willing to pay Fruendel & Co. or Mia & Co. for that privilege.
LikeLike
In thinking further about this, Bizzy is indeed the worst type of racist, the one who is divisive and destructive. In Fruendel & Co. celebration package am sure he/they embraced all Bajans as playing some role in the achievements of the island and each other in the last 50 years, does Bizzy & Co not consider themselves Bajans, why do they want to be singled out as white people instead of Bajans, showing more disrespect for the black majority……….because Bizzy is well aware that there are still too many backward, uninformed black people lacking in sense of self and lacking self-confidence, who would be happy to agree with him therefore widening the division among the majorty on the island…..racist, divisive and destructive is Bizzy & Co.
LikeLike
The rights of Citizenship by Investment beneficiaries as Community Nationals: What Implications for CARICOM Member States?
by caribbeantradelaw
Alicia Nicholls Citizenship by Investment (CbI) programmes are utilised as a development strategy by five out of the fifteen countries comprising the Caribbean Community. This article explores the rights which CbI beneficiaries are entitled to as nationals of the Community under the Revised Treaty of Chaguaramas and considers the implications these rights have for CARICOM […]
LikeLike
The Caribbean islands are way too vulnerable for these money and investment for citizenship programs, the leaders too weak, the islands’ citizens would be the ones punished for their leaders misrepresentations for decades, if not centuries going forward.
Even if attempted, because of the islands’ sizes, applications and approvals will have to be very limited and given the greed of the usual suspects, this could all end in disaster for the majority. A temporary resident program for vetted investors with an option for renewal every 5 years if the business is viable and lucrative, with a 15 year limitation, is much more practical. The islands are way too small in land mass and the politicians to unstable and unpredictable for anything else.
The big countries always have to suspend or end those programs for one reason or another.
LikeLike
@WW&C, thanks for your comments. I agree with you that residency programmes are a safer bet and I personally prefer such a programme for Barbados such as the SERP which we currently have. Economic citizenship/residency programmes are not for every country. Hong Kong, Canada, Belize scrapped their programmes for various reasons, whether because of the volume of applicants vs capacity to process or for national security concerns. However, CbI programmes have had benefits for some countries and it is why an increasing number of countries are considering them. Grenada had scrapped its programme but subsequently reintroduced it as an invitation-only programme.
St Kitts & Nevis’ programme is largely regarded as one of the more successful examples of such a programme internationally and has been in operation since 1984. It has had its issues as we saw with the Canadian visa revocation issue and St. Kitts has since revamped its programme. However, the CbI programme has had a very positive impact on their economy. So there are benefits.
Any country looking to implement a programme has to do like what St. Lucia did when it was considering theirs; look at the costs vs benefits and if they decide to go ahead with a programme, design it in such a way that avoids the pitfalls made by other and that it applies best practices. They also have to engage in a system of consistently monitoring and reviewing the programme’s performance.
LikeLike
A fellow on the block said that if and when economic citizenship comes to Barbados, that Bajans should have a similar say as the Romans had given the crowd attending the trial of Christ. For each person trying to pay his /her way into Barbados, the people should have the right to select and kick out one of its citizens, stripped of his/her right to return.
LikeLike
@Alicia
Prostitution by any other name is prostitution, doesn’t matter how you cloak it.
LikeLike
@David, why do you see it as prostitution? While you’re entitled to your opinion, I beg to differ. How is selling citizenship any different from flags of convenience, selling majority shares in locally owned companies or selling land or state assets to non-nationals? These are all ‘crown jewels’ if you wish that once in the hands of non-nationals are hard, if not impossible, to get back. Yet we do it. If we want foreign investment in order to finance our development, we have to give up something in return. We cannot have it both ways. We need to stop being sentimental and look at the dollars and cents. Other countries don’t have the “hang-ups” we do and look where they are compared to us as we continue to stagnate. The world is changing and many of the old constructs and taboos we are holding on to need to be rethought if we are to progress. As I said, I prefer a residency programme for Barbados for various reasons, including the fact that I personally believe we lack the due diligence capability to run a proper CbI programme given how so many of our institutions are run. But it is within the right of each country to determine what growth path suits them and if they see CbI as such a path, then they are entitled to do so.
LikeLike
Why isn’t there a separate thread on Bizzy William’s racist statement? His brother COW made similar racist comments last year before that Bruggadung Johnson the Harris Paint man insulted our black countrymen and women. Throw this citizenship by investment garbage into the dust bin. Its gone on too long. Allan Stanford was a citizen by investment, that says it all.
LikeLike
Musing aka waiting and I long string of monikers.
DLP troll extraordinaire.
LikeLike
Musing….you cannot always give Cow & Bizzy the attention they seek, they always want to be up front and the centre of everyone’s attention on the island, instead of going and rest their old, fading, tired tired looking tails. It’s enough that they know everyone is on to them, just ignore them and they will fade away, between yesterday and today, they were handed their business, until next time they feel the urge to come up with the ridiculous.
LikeLike
@Alicia
Why do we have to follow the other countries? Why cant we decree that Barbadian citizenship is not for sale.
LikeLike
@LBJ and Sargeant, agreed that the SS provides security for past Presidents.
Agreed not for himself and immediate fam but as both of you know the level of security for a past president can in no way compare to the Presidential level.
Pres Obama WILL require many years of serious security…he would be wise to supplement that of the Sec Service unless they provide a different level than is normal for PPs.
@Sargeant, your crystal ball is as good as any other so that scenario seems reasonable.
But I see it a bit differently. Harvard sounds rosy but as the first Black President of the USA his invitations to visit and speak in US and around the world will be curbed only by the threats to his safety and costs for the invitation.
He embodies first hand the mantra that so many tell their kids: study hard and you can be the President (or PM or CEO). To sit in the ivory tower would be safe but many will want him to lend his weight to issues – particularly Black upliftment- in a more forceful way (non-political, of course…he will have to thread that needle carefully).
And by the way filthy wealthy he may not be but being a best selling author and former university lecturer isn’t too shabby on the money-making index. Nor does having a wife who was an accomplished corporate executive hurt the bank a/c.
It would be beyond laughable if they left the White House and, like a previous famous couple, claimed not having much money!
LikeLike
De Word….Obama is one of those rare birds, he is not in it for the money, while in the senate, he wrote a book, made millions and paid off his student loans. Upon leaving the white house, he will be in demand for speeches, one speech is in the region of 100-150k. One sppech per month would allow him to live comfortably. Upon leaving the white house, he will be paid for his 8 years of service, writing his memoirs will propel him even further. As you said his wife FLOTUS, is a very highly regarded powerhouse and accomplished corporate attorney and also a Harvard grad. He will do fine. Am sure Harvard is already chopping at the bit to utilize his brain and services, if I remember correctly, he was the head of their debating society, dude is also a powerhouse.
LikeLike
I must congratulate the AC consortium, because this in the FIRST time they actually presented information to substantiate their comments, rather than the usual generalized statements and political rhetoric.
However, you must take the following points into consideration.
“Of course, when one SPEAKS of LAND USE, it must be remembered that Government HAS NO CONTROL over how PRIVATE ENTITIES – the LARGEST LANDOWNERS – DISPENSE their properties.”
“Also, despite the preference of farmers for private land, the BADMC indicated that many of the private properties on offer were unsuitable for crop production. A delicate balancing act – trying to bring in significant foreign exchange through maximum economic use of land space, while meeting the needs of other areas of the social economy.”
Surely you must agree that this DLP administration has NOT implemented any new land use policy, thereby continuing with Arthur’s supposed policy. Also the MoT Sealy has been suggesting that Barbados needs more upscale hotels and developments to cater to a more sophisticated type of tourist the tourism ministry is trying to attract.
The status quo remains the same.
LikeLike
Artaxerxes enjoy the humble pie dear it was my pleasure serving it to you
LikeLike
Citizenship by investment for small islands are short term solutions with inherent long term problems with a cause to question a massive turnover of a countries wealth in a inappropriate manner for secondary citizenship
Although the program in its purest form of distribution (contains) or stems much need economic instability, The negatives for long term fall out are real and cannot be overlooked as the natives become more aware of callous wealth taking political and financial leverage eliminating the influence or political interest of the native
It requires a balancing act which most small island govts does not have the vision or wherewithal to undertake
LikeLike
When will we stop these gimmicky economic program. Tax havens , now this.
LikeLike
@fortyacresandamule Caribbean countries are not tax havens. They are low tax jurisdictions. International examples would be Switzerland, Luxembourg, Jersey, Guernsey, Monaco and the US states of Montana and Delaware, which people conveniently forget. Additionally, how are Caribbean CbI programmes gimmicky and how is what we do different from what the US, Malta, Spain and other countries which offer similar economic citizenship programmes?
LikeLike
“…how is what we do different from what the US, Malta, Spain and other countries…”
+++++++++++++++++++++++++++
Who said it was different?
It is a version of what is claimed to be the world’s oldest profession after all….
LikeLike
Don’t worry AC, I understand how you feel. The numerous times I served you “humble pie” has played on your conscience because you never had the occasion to reciprocate. Under these circumstances, and in your misguided opinion, you thought this was the opportune moment for you to make amends.
Score 1 for you to 15,000 for me…. you still have a long way to go to even the score.
LikeLike
http://www.ctvnews.ca/canada/trudeau-family-s-caribbean-vacation-splashed-across-the-tabloids-1.2731532
LikeLike
Was on an Air Canada Barbados to Toronto flight once with Rene Levesque…but that was back in the day when a security was not a big issue.
LikeLike
That is called transparency, when abuse of taxpayer’s money is identified and halted. DBLP governments might want to learn something from that exercise. Taxpayer’s money should never be abused.
“TMZ reported Saturday that Trudeau stayed at a swank resort. A PMO official did not give any details about the vacation, but said the prime minister would reimburse taxpayers for the cost of his and his family’s travel.
“As per long-standing government policy because of security, the Prime Minister must use one of the RCAF planes for all his air travel, whether on official or personal business,” press secretary Andree-Lyne Halle said in an email.
“When travelling for personal reasons, and as was the case with previous prime ministers, Mr. Trudeau and members of his family travelling with him reimburse an economy airfare.”
Department of National Defence Challenger jets, used for such travel, cost about $10,000 per flying hour to operate.
Former prime minister Stephen Harper has in the past also paid the economy fare-equivalent costs of personal travel with his family.”
LikeLike
@Bush Tea, it is that sentimental mentality that will constantly keep us stagnated.
LikeLike
@caribbeantradelaw . The OECD has labeled a lot of caribbean jurisdictions tax havens. How many Bajans are employed in the offshore financial industry ? How many real activities are taking on the ground in these so-called business ? How much does the government earned in fees or taxes from the thousands of registered holding companies or trust. ? Agressive tax dodging through trasnsfer pricing by Transnational -using PO BOX companies in caribbean jurisdictions is a gimmick .
Same applies to flags of convenience (ship registry) and passport sale. These programs are not sustainable and is symptomatic of a political leadership bankrupt of ideas.
LikeLike
@ caribbeantradelaw January 11, 2016 at 6:25 AM
it is that sentimental mentality that will constantly keep us stagnated.
+++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Surely you err…
We are currently stagnated …and getting worse. But ‘that sentimental mentality’ has not been the generally accepted position in Barbados for at least 70 years now… indeed, our official national philosophy is DIAMETRICALLY opposite to the bush man’s in this particular regard……
Perhaps you are saying that, in your considered opinion, we can do no better than to pawn off our various National silvers.. because we are incapable of creatively and competitively producing any ‘normal’ goods and services that can provide us with a living income.
Any time that one is forced to routinely eat into one’s reserves to cover recurrent expenses you can be assured that homelessness and despair lies down the road….
LikeLike
@fortyacresandamule
Where have you been? It has been years seeing your moniker.
LikeLike
@ David. Greetings, I am still here. Not much participation, but I do visit the forum now and again.
LikeLike
Selling ones passport is a nasty business.
http://www.dailymail.co.uk/news/article-2567921/The-totally-fraudulent-lives-Montana-couple-created-Dominicas-Winter-Olympic-team-consists-them.html
LikeLike
AG supports citizenship by investment
LikeLike
@ David,
This story will repulse you. Citizenship for cash is a very bad idea.
http://www.dailymail.co.uk/news/article-3430558/Female-foreign-student-dragged-car-beaten-stripped-Indian-mob-mistook-vehicle-one-earlier-ran-killed-villager.html
LikeLike
LikeLike